Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Top-performing CUs more apt to use advanced address-verification tools
MADISON, Wis. (4/27/11)--The 100 top-performing U.S. credit unions are more likely than other credit unions to use advanced forms of address verification, which provide benefits such as increased member satisfaction and reduced costs, according to a recent report from Experian. The research evaluated 50 of the top 100 credit unions, as ranked by performance in the 2011 edition of the Callahan Report. The 50 credit unions participated in a short survey about address verification practices and data quality initiatives. In the report, address verification is defined as the practice of capturing, validating, cleansing and standardizing address information. Address validation practices were divided into four categories--no verification, ZIP Code level verification, premise level verification, or secondary level verification. Experian’s “2011 Address Verification Benchmark Report: The Top 100 Credit Unions” has several recommendations for credit unions:
* Quantify the amount of time, money and member “good will” currently spent on returned mail and service. * Execute a multipronged approach to cleansing data that includes:
* Staff training on the importance of overall data quality; * Use of back-end cleansing tools to continuously clean existing information over time, and to improve the quality of purchased third-party data; and * Point-of-capture address verification wherever data is entered, such as branches, call centers and websites, to standardize and ensure accuracy.
Key business findings of the report include:
* The most common level of address verification was no verification (32%). * Thirty percent of credit unions leveraged premise level address verification. Thirty percent used secondary level verification, the most advanced type. * Only 6% of respondents verify addresses at the ZIP Code level. ZIP Code verification is better than none. However, it generally results in low levels of deliverability, with house/building number and apartment/suite number often missing or inaccurate.
To view the report, use the link.
Other Resources

RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
10 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
14 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
14 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
16 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago